Despite the claim that ignorance induced many consumers with few resources to buy houses during the boom, consumers who bought a house then with almost no down payment and low interest rates were not displaying ignorance, but good sense. They put little of their own resources at risk, and annual mortgage payments were cheap, especially in an environment where housing prices were expected to continue to rise at a rapid rate. Lenders, the Fed, and others who made these loans, or helped keep interest rates low, made the mistakes and look foolish, not consumers who bought the houses.